NC H537

Permit multifamily housing by right in areas zoned for highway business, business office, and general business, with no design standard regulations allowed.

Allow State agencies and local governments to sell or lease property at less than market value for "qualifying developments" where at least 50% of units are affordable housing for families earning below 80% of area median income, with sales capped at $100 and ground leases at $1 for 99 years.

Create the Reaching the American Dream Loan Pool with $100,000,000 in funding to provide interest-free, non-amortizing subordinate mortgages up to $50,000 (25% of purchase price) for first-time homebuyers and veterans with incomes at or below 80% of area median income, with 20% annual loan forgiveness beginning in year six.

Appropriate $35,000,000 in recurring General Fund money to the Workforce Housing Loan Program.

Parts II and III become effective July 1, 2023; remaining provisions effective upon enactment.